What Is Low-Doc Truck Finance?
Low doc truck finance is a term for easy truck finance. Low-doc and no-doc Truck Finance is Truck Finance without Financial Statements or Tax Returns This is what your bank really wants.
If you are new in business you just don’t have this.
What you will need for Low-Doc Truck Finance
1. A letter of offer for work or a work contract. Some Financiers will allow a telephone confirmation)
2. A business Plan & Cash-Flow projections
4. A signed Privacy Authority
Obtaining easy truck finance is not always about the financial documents needed to secure a loan or financial product. In situations where a existing product is being renewed or extended, typically no documentation is required. There are less documentation for professional organization members and others who can clearly demonstrate the business purpose of the equipment. However, even if a financial product is considered low doc or no doc, it is still best to have all the necessary paperwork handy, in case it is needed.
The Better the Credit the Less Docs Needed
To take full advantage of low doc truck finance, it is best to have good to excellent credit. The better the credit, the less documentation needed and the better overall terms in the financial arrangement can be gained. That does not mean those with less than stellar credit cannot get a No-Doc or Low-Doc Truck Finance. Truck Finance lenders look at every application on it’s merit. The better the presentation we can put forward the more chance your Truck Finance will be approved.
Creating a partnership between business and the finance company helps with securing a low doc or no doc financial product. Remember, the finance company is there to help build for success.